Topic: Not banned, yet not accepted - page 5. (Read 683 times)

from your post history, I guess you are also from Nigeria. This is a copy of the message issues by the cbn in 2021 which says that all local banks are prohibited from dealing with any forms of cryptocurrency. From this you can see that Nigeria government never put an official ban on the use of Bitcoin but placed a restriction on local banks. It was advices that the public who choose to use these cryptocurrency are at their own risk.
Today, we can see that Nigeria sits among the top countries where Bitcoin is mostly used. These restrictions doesn't necessarily mean that you can't use Bitcoin or cryptocurrency but you still have to be careful why dealing with them since it isn't accepted by the government or local banks. I don't think you are breaking any law here.

restrictions meaning there is certain parameters that is not allow, but that doesn't mean it is banned so people can still use depend on what and how they are restricted.
but that is only about local banks transacting , so there are something you can still use.

some local exchange or wallet perhaps?

it is not banned mate in the whole country , instead only in bank using so it isn't banned at all.

Need to push with your local currency CEX exchange market have make new partnership with government to make Bitcoin and all cryptocurrencies as legalizing for assets commodities not for payment currency transaction. I am lucky with our government viewed although bitcoin not available for payment currency transaction but all exchange have supported and get government legalization. Not problem facing when withdrawing assets to Bank account and payment process without few minutes. If you active in Binance trading and familiar with P2P exchange, you not have to worry with your country banned withdrawing cryptocurrency to bank because have option selling fund trough P2P exchange and right now all global market have opening with this feature.

Just need waiting for buyer or seller depend with your stable coins price, if you want instant selling you can sell with little lower price than market price of stable coins.

Banks in 3rd world countries are often working late when it comes to adoption. Banks in my country does allow paypal to be connected to our accounts but Paypal is not widely adopted in my country. When people make transactions its still bank to bank or cash.

BTC may not be banned but still not wide adopted. I don't think BTC is even widely used in the first world countries. Its mostly to people with money and acess to financial investments.

The banks? And why are you so concerned that banks are not authorised to deal with bitcoin? Bitcoin was created precisely against banks, so the fact that they cannot offer trading and custody services should not be a problem, on the contrary.

Another thing is that over time this will be authorised in many countries and help demand to increase, which it will, but it should not be a problem as long as the population is not prohibited from buying and using bitcoin (even if they are prohibited there are many people who buy and use it as Bd officer comments, but I think it is better that it is not prohibited).

In my opinion, it is a ban on bitcoin but it is indirect, not direct. I think governments know that bitcoin cannot be banned because they cannot control it so instead they will limit what people use to participate in investing in bitcoin. That way, they think they can ban bitcoin. My country is in a similar situation, there are no regulations banning bitcoin but banks will freeze our accounts if they find out we are trading bitcoin with it in our bank account. It's actually a ban.

Governments can enforce bans on all cryptocurrency transactions through local banks but of course they cannot effectively ban citizens from using Bitcoin outside of banks.

Due to the decentralized and anonymous nature of Bitcoin, it is difficult for the government to track transactions that are not subject to third-party services and KYC terms. There are many transactions that take place through decentralized services or P2P, far from government oversight.

The government wants all financial transactions to be under control and oversight, so it bans Bitcoin and cryptocurrencies, while many people want to maintain the privacy of their financial transactions, so they will continue to use Bitcoin despite the ban, even in countries that have strict ban laws.

It is not allowed to use crypto in banks but it is not banned you won't be breaking a law if you can't process it because the bank will then block your account or reject the transaction. It is like opening a bank account in a bank if the teller asked you what the reason was for opening a bank account if you said that it was for crypto so that I could receive it and withdraw it using their bank  your application wouldn't get through. That is why others don't tell the real reason why they are creating bank accounts.
 

If that specific country or some local government unit puts a legal implications against the usage or involvement of any cryptocurrency, then I guess these people are breaking the law.
There is a difference between being banned and restrictions. Being banned means it is legally prohibited, so anyone caught guilty will face legal charges, while restrictions is simply prohibiting you from using it without any consequences. So, they keyword there is "legality".
I don't think restrictions would stop people from using bitcoin when it's been widely accepted globally. Bitcoin is borderless in the first place, so I don't think it would stop me either if my country puts a restrictions in our local banks, I'm not transacting with them either lol.

banks around the world have not been allowed to hoard or offer direct crypto access for their customers. however in 2025 (BIS draft*) they may be able to hold coins in custody and offer crypto services/access direct.

even in countries where bitcoin nationally is not banned for citizens. banks fear issues about being middle men of FIAT transfers to crypto services so again some countries wont want their banks facilitating FIAT payments to crypto services. but this is more local policy not law

the reason is because alot of scammers would do a wire transfer to a service, buy bitcoin withdraw bitcoin and then call their bank and pretend someone illegally accessed their account and stole fiat. thus putting a bad tag on crypto services. which then raises more suspicions when scammers do it on masse which then paints a bad reputation for crypto services thus banks stop processing fiat transfers to crypto services to avoid suspicious activity

even here in the UK where its legal to own use and transfers crypto and also trade it. and where UK banks know of the well known regulated exchanges like coinbase. the banks will still pause a fiat transfer and pass customers to fraud department to answer qualifying questions to ensure the customer knows what they are transferring money for and double check who they are to ensure no scams are involved before then processing the fiat transfer to an exchange

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*bank of international settlements draft 2022 - standards to be implemented 1st january 2025
https://www.bis.org/bcbs/publ/d545.pdf

in short if made standard banks will be able to hold coins in custody which would be a economic boost to the cryptosphere beginning 2025

Trading Bitcoin or investing in Bitcoin is prohibited in the country where I live. My country name is Bangladesh. I invested in Bitcoin secretly, no one knows I invested in Bitcoin I didn't tell anyone. Investing in Bitcoin is risky, but investing from our country is even more risky. If the administration finds out that someone is involved in Bitcoin, he will be prosecuted and punished. According to news reports, despite Bitcoin being banned in our country, around 4 million people are secretly involved in cryptocurrency. People of our country are investing in Bitcoin with great difficulty.

To qualify this I bolded the truer ban case.


Thats a full on ban.

It is like ban on your bank account if you write details of your bank transfers are for buying or selling bitcoin.

Imagine your bitcoin trade through bank accounts like you have a bank transfer with another person. Mostly I don't write what is that bank transfer for in and I do it not to hide what is that bank transfer is done for. It's just unnecessary and banks even don't mind to force users to write it rather than a template format like Person A transfer. That's all.

If you are doing a bitcoin trade through bank transfer and don't add its details to show you are buying/selling bitcoin, how banks can know what you are doing with your trade partner?

Don't know means bank can not ban your account.

Bitcoin rules can differ in each country, assuming a country like China prohibits all bitcoin activities then it can certainly be illegal according to local laws. However, illegal activity does not mean wrong in some opinions, it is also necessary to subjectively hear the user's reasons for doing it.

Regardless, banning bitcoin transactions does not mean restricting people from talking or gaining knowledge about it.

Unless explicitly stated that the general public can't use cryptocurrencies anymore, everyone can pretty much use it as much as they please.

This will hold up in the court of law too, where technicalities rule. So even though "crypto is practically banned" for usage in the country you're living in, since they didn't explicitly say you couldn't use cryptocurrencies anymore you're still pretty much in the green. Of course you can't just go out telling people you're investing in crypto anymore, that would be belligerent and stupid, but at the same time you're not necessarily prohibited from using it, so invest as much as you want, gain profits as much as you can, and worry about the rest of the details later. I swear if things go south and you get arrested for using crypto under these bylaws you could get away with it scot-free under technicalities, which is why you might think people aren't aware of the law. They know how it works for the most part, they just don't go out there telling people about it.

In my country the government requested all the banks to stop the transactions associated with cryptocurrency firms in the past. Even at that scenario people continued to use bitcoin and other cryptocurrencies. There'll be ways possible and it is our interest to explore and find it. Later my country took away the ban, however their is no official information/announcement on the legality as well as on the regulation of cryptocurrency usage. Majority of the countries fall under this category, however it is the people understanding that lets them to be part of the innovation through technology.

Are all crypto activities prohibited in your country? You should not buy or sell crypto on the crypto market?

In my country, crypto/bitcoins are prohibited from being used as payment currency but we are legally allowed to own bitcoins and buy and sell bitcoins on the bitcoin market. We make purchases and sales using local banks in our country

If you are prohibited from buying bitcoins using local banks in your country, then how to exchange bitcoins for fiat from your country? Does your country not allow bitcoin own and use of bitcoin as an asset?

There are several scenarios, a country could forbid the banks to process fiat transactions related to the trades of cryptocurrency because they don't have the needed infrastructure to combat money laundry, market manipulation etc, but they wouldn't put their citizens in jail if they are just "holding/owning bitcoin" or if they are getting paid in bitcoin.

Another scenario is when a country forbids, mining, trading, accepting, paying and owning crypto in general because they are simply idiots.

So when you are unable to easily buy and sell crypto by using your bank account is because idiots rule over you.

Those people that uses bitcoin or has it while the law states that it's banned and any use of it are breaking the law. They're aware that Bitcoin is banned there but they're also aware that they can't be traced because it's not gonna happen unless there are already some samples of it. Like publicly reported and caught due to it. As long as there's no one that has been caught by the law and it says that it's banned, they'll keep using it as long as there are ways of doing it.

I might not have gotten the right caption for this post because I think I will do my best to explain it here.

I've seen several threads talking about bitcoin not been banned in their country but yet they're  not allowed to make any bitcoin related transactions through their local banks and this has really kept me puzzled lately about how people think because they still use bitcoin despite it's  restrictions in their country makes it seem is not banned.

Now my question is this, do you think because bitcoin is still widely in use in countries where it has alot of restrictions makes it not banned or people who use it are breaking some sort of law?

In my country,  there are strict rules against local banks not getting involved in cryptocurrency transactions which simply means that the government  has banned all cryptocurrency transactions  though local banks but yet people still think bitcoin isn't banned.

So do you also agree that bitcoin  can be said not be banned despite ban on local banks not getting involved with it?

Please let's discuss as I would really want to hear the opinions of others about  this.